This was the bit that got me.. starting at a negative working...

This was the bit that got me.. starting at a negative working capital position.

It can be as simple as changing creditor terms from 30 days to 45 days. structurally nothing has changed, you just improve your cash flow.

Now obviously that means higher liability, and must be paid back at a time when conditions are better, but if the reason for a working capital deficit is short term cash needs, then working capital can worsen over 12 months and then hold as steady state at that position.